Hi Mara,

A mistake that I’ve made is taking the easy way out and not researching for proper PM, lawyer & loans before starting out. Stuck with a less than satisfactory experience.
If I can have a do-over, I would certainly take the time to find myself a good team. Trying to research good ones for the next IP.

Best of luck!

Agree with Jamie. Once you have done your DD, sometimes the hardest step is coming up with the guts to implement.

Thanks Terry & Jamie,

looking forward to learning more. Otherwise in a few years I will be making a long “My mistakes” thread.

Thanks Terry I’m learning a lot from you.

Just to clarify on no.3.
Do I determine the commercial rate as it is a personal loan ? Because it would be a different rate to what is being charged on the LOC.
I’m assuming that I wouldn’t need the paperwork & also charge myself the commercial rate if it was purchased under personal name?

Thanks Terry, I’ve just learnt something new again.

Will definitely think things through and talk to someone again before our next purchase.

Thanks Terry for the reply.

The company that we set up has two resident directors.

What differentiates between paying the loan and lending money from our personal joint account to the trust?
Do we need some sort of legal documents prior to transferring the money?

The depreciation I am referring is on the Residential IP which is under me and my…[Read more]